... was scheduled for Q1, but apparently, it seems to be very difficult to secure a drill rig.

A lot of drilling going on in the area.

News on Bottle Creek, Nevada (spin-out/JV ?) and Montrose (43-101) must be close.

What about Kellyn ?

Four hot irons in the fire !

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So, we have the Bottle Creek spin-out, Montrose, Kellyn, Regcourt drilling still to go.

But I would have preferred a share distribution of Red Ore shares to GAX holders.

I think, these spin-out´s can be very beneficial to existing shareholders, though.

Because most of the time, junior explorers hold several projects, and if you advance more than one, most of the time the full value is not shown in the company´s share price.

So have a look at the Red Ore past-IPO and PP situation: they will have 13M shares outstanding (fully diluted) at a deemed price of $ 0.50 = $ 6.5M market cap (IF the market keeps the price at $ 0.50 !).

GAX today has a market cap (fully diluted) of $ 10.7M for all it´s properties including Bottle Creek (Red Ore).

That would leave just $ 4.2M for the remaining 3 properties.

IF Red Ore will be worth a minimum of $ 6.5M, than GAX will be way undervalued post-IPO Red Ore, hence we could see a nice SP increase, probably even without any other news.

FANTOMAS